(Coverdash leadership team, David Vainer, Ralph Betesh and Avery Rubin. Source: Coverdash.)
Coverdash, a New York-based digital business insurance startup has announced its official launch and the closing of an oversubscribed seed funding round.
Coverdash is a provider of software that aims to simplify the process of buying and managing business insurance policies. The company offers a range of commercial insurance products, including liability, property, workers’ compensation, and cyber. Coverdash’s digital insurance platform offers the ability to quote, bind, pay for, and actively manage insurance policies. A Coverdash statement said that the company has partnered with many of the world’s most recognized insurers, to provide growing businesses necessary policies at affordable rates.
Coverdash’s embedded technology enables partners to offer insurance to existing customers with a single line of code. According to the statement, integration is straightforward, requiring no extensive engineering resources or implementation. Coverdash’s network of embedded partners includes leading online marketplaces, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide.
“Insurtech 2.0 is here, marking the next phase of the embedded fintech revolution,” comments Ralph Betesh, co-founder and CEO, Coverdash. “We have created a frictionless transactional experience that is unseen within the insurance landscape. Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for business owners across the nation.”
Future of Business Insurance
Coverdash’s funding round was led by Bling Capital, with participation from other investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures. Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners.
“The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation,” adds Ben Ling, founder and general partner, Bling Capital. “We view Coverdash as the future of business insurance and embedded distribution. We’re excited to stand alongside the team and support them as they move forward on this journey.”